THING - YOU ARE THE NEXT-CAREER GUIDE-Fasset
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STEPS TO BUILDING YOUR LASTING LEGACY YOU ARE THE NEXT THING - C A RE E R GUIDE-
a plan For any
event
for this
wbe graduate
Hard work is a matter of course for Boifang
Tshweneyagae, who works as a marketing
intern at KPMG, following completion of
her TVET Work-based Experience (WBE)
programme. Boifang’s dream is to become
an Events Coordinator and she will not let
anything get in the way.
“I am very thankful that organisations such
as Fasset exist to create a pipeline of skilled,
empowered young South Africans, thus
contributing to communities and the economy.
The WBE programme experience has given
me a very clear vision of my future and, in it, I
see myself as the next big thing, doing what I
love and loving what I do.”
Boifang Tshweneyagae
Turn your potential into skills, choose a
career in finance and accounting.
VISIT
Proud
WWW.FASSETLEGACY.CO.ZA achiev
ement
TO READ ONKE’S STORY
https://www.facebook.com/fasset.org
39 31
CONTENTS Choosing a career.................................................................................4 Choose your subjects wisely....................................................................5 NQF Framework explained.....................................................................6 Choosing a financial and accounting services career....................................7 Why choose finance and accounting?.......................................................8 About the finance and accounting services sector.........................................9 Scarce skills........................................................................................10 Financial manager/Chief financial officer.................................................12 External auditor...................................................................................13 Accountant.........................................................................................14 Tax practitioners and professionals..........................................................18 Accounting technician..........................................................................19 Institute of accounting & commerce (IAC) accounting officer.........................20 Management consultant........................................................................22 Financial markets professionals...............................................................24 Financial planner.................................................................................25 Financial and investment adviser.............................................................26 Bookkeeper........................................................................................27 Financial clerk.....................................................................................27 Internal auditor....................................................................................28 Company secretary..............................................................................29 Debt collector.....................................................................................30 Economist..........................................................................................31 TVET work based experience (WBE) programme........................................32 L(earn)erships......................................................................................34 South African universities and universities of technology...............................40 Programmes offered at public TVET colleges in the finance and accounting field..................................................................41 Bursary listings ...................................................................................44 Crossword puzzle................................................................................45 Career family tree worksheet..................................................................46 Keep in contact...................................................................................47
CHOOSING A CAREER
Choosing a career is one of the most important This means it is important to plan your career from
decisions that you will make in your life. Although a long-term perspective.
most people make several career changes in their
lifetime, the first career decision you make will How does career planning happen today?
have an impact on various aspects of your life. It Often students choose careers based on other
will, for example, determine the direction in which people’s preferences, such as:
you will develop skills, the type of organisation
• Following the crowd (peers)
where you will start working and the income you
will earn. • Accepting choices made by parents
• Influence by media
With colleges and universities offering numerous
• Following current trends or the most sought
courses today, making a career choice is
after career opportunities.
confusing for students, and choosing a career
path that is far from your interests and abilities In choosing a career, a number of steps should be
can cause dissatisfaction in the long run. followed.
STEP 1: STEP 2: STEP 3: STEP 4: STEP 5:
Know yourself Identify your Evaluate Select a Design an
(self-knowledge) options (career career options career option action plan
knowledge)
Develop a true Examine the Based on the You can now begin
understanding of Gathering information you information you developing and
yourself in terms information and have collected, have gathered implementing a plan
of your skills (what researching identify what and analysed, of action. Determine
you are good at), careers. additional you should now what information or
your educational resources and be able to choose resources you need
background (what information you one of the to complete each
qualifications you will need and career options. step of your plan
have), your interests explore and of action, identify
(what you enjoy use the new the obstacles to
doing), your values information. implementing your
(what would give career decision
you satisfaction in and how you can
your career) and overcome them and
your personality lay out the steps
(what kind of you should take
person you are). to implement your
career decision.
These steps may include sourcing the required training and applying for financial aid.
4
Fasset C A R E E R G U I D E
CHOOSE YOUR SUBJECTS WISELY
When you select your subjects in Grade 9, STEM skills are prerequisites for entry into nursing
naturally you should take subjects that you love and allied health, bioscience, aircraft engineering,
as you are likely to excel in these. However, you digital technology, accountancy; for trades such
also need to choose wisely with your intended as electrical, plumbing, and motor mechanics. But
career in mind. they are an advantage whatever career is being
considered.
STEM subjects (science, technology, engineering
and mathematics) are highly sought after, If, when the time comes to select your subjects, you
particularly in industries and occupations that have have no clear vision of what your future holds, it
emerged with tremendous advances in technology, is advisable not to drop maths, particularly as this
finance and communications. will seriously limit your career options. Taking maths
literacy in place of maths will also narrow your
The value that these skills are adding to the options as maths literacy is not accepted
wellbeing of the South African economy cannot in commerce, engineering, the built environment,
be overestimated, and there is increasing pressure information technology, health sciences or science.
on youngsters to matriculate with good maths and
science marks to their credit.
Field of study School subjects required
• Medicine and health • Mathematics
• Science • Physical Science
• Agriculture • Life Sciences
• Mathematics
• Engineering
• Physical Science
• Mathematics
• Arts
or
• Social sciences
• Mathematical Literacy
• Mathematics
• Economics • Accounting
• Management sciences • English
• Financial services or
• Afrikaans
• Education • Mathematics
• Law or
• Theology • Mathematical Literacy
5
NQF Framework explained
NQF LEVEL
DOCTORAL DEGREE
DOCTORAL DEGREE (Professional) 10 *
MASTER’S DEGREE
MASTER’S DEGREE (Professional) 9 *
BACHELOR’S HONOURS DEGREE
POSTGRADUATE DIPLOMA
BACHELOR’S DEGREE
8 OCCUPATIONAL CERTIFICATE
BACHELOR’S DEGREE
ADVANCED DIPLOMA 7 OCCUPATIONAL CERTIFICATE
DIPLOMA
ADVANCED CERTIFICATE 6 OCCUPATIONAL CERTIFICATE
HIGHER CERTIFICATE 5 OCCUPATIONAL CERTIFICATE
NATIONAL CERTIFICATE 4 OCCUPATIONAL CERTIFICATE
INTERMEDIATE CERTIFICATE 3 OCCUPATIONAL CERTIFICATE
ELEMENTARY CERTIFICATE 2 OCCUPATIONAL CERTIFICATE
GENERAL CERTIFICATE 1 OCCUPATIONAL CERTIFICATE
• Integrated system of three coordinated qualifications sub-frameworks for general and
further education and training, higher education and trades and occupations
• Facilitates access to, and mobility and progression within, education, training and
career paths
• Enhances quality of education and training
• Addresses past discrimination in education, training and employment opportunities
• Contributes to full personal development of each learner and the social and economic
development of the nation
HIGHER EDUCATION QUALIFICATION SUB-FRAMEWORK
GENERAL AND FURTHER EDUCATION AND TRAINING QUALIFICATION SUB-FRAMEWORK
OCCUPATIONAL QUALIFICATION SUB-FRAMEWORK
* Where there is an occupational qualification needed at levels 9 and 10 the developers should contact
SAQA and the quality councils to motivate.
6
Fasset C A R E E R G U I D E
CHOOSING A FINANCIAL AND
ACCOUNTING SERVICES CAREER
When choosing a career in the finance and career options within the sector, and it is possible
accounting services sector, it is important to to move between different careers. For example,
take into account the many different types of an auditor can become a management accountant
occupations that are available. It is also important or financial manager in an organisation outside
to note that there are a variety of pathways into the finance and accounting sector. Similarly,
these careers. These pathways are often linked to an accountant can become an internal auditor.
memberships of professional bodies which can However, in planning your career it is important
lead to different career opportunities. to be aware of the registration and other legal
requirements in the different positions.
Finance and accounting services professionals
may belong to one or more professional bodies. When choosing an educational institution, make
Professional body membership is not always a sure that you choose the stream that best suits your
prerequisite to practise in a financial occupation, interests. Also ensure that the training institution
but in some instances it is a requirement. Employers is accredited with the professional body with
often prefer to appoint people who are members of which you would like to register or become a
the professional bodies. member. In the next section we explain the typical
learning paths that lead to the different professional
The advantage to the employer is that a qualifications.
professional designation or title is a good
indication of the skills of the financial professional, However, all these qualifications can be obtained
and members of professional bodies are bound to by combining theoretical and practical work. That
a strict code of conduct that helps to ensure that means that you can study part-time to complete
they will be ethical. the theoretical sections of the work while at the
same time doing the practical work through a
The various pathways you can follow in building learnership.
a financial career are not separated from other
7
Why choose finance
and accounting?
Why choose finance and accounting?
1. Money makes the world go around – the world needs accountants
2. Excellent employment opportunities after graduation
3. Great promotion aspects
4. Skills needed by any industry
5. Scope to work overseas
6. Respect associated with being a professional and an entrepreneur
8
Fasset C A R E E R G U I D E
ABOUT THE FINANCE AND
ACCOUNTING SERVICES SECTOR
The financial and accounting services sector is Fasset is the Financial and Accounting Services
particularly important because it is the largest Sector Education and Training Authority (SETA).
employer of people with financial management, The Financial and Accounting Services Sector
accounting, and auditing skills. In 2012 more refers to the organisations served by Fasset.
than 135 000 people worked in the sector. This sector includes: investment entities and trusts
The demarcation and definition of this sector and company secretarial services; stockbroking
differs in the various data sources available, as and financial markets; financial development
well as in different environments. In the national organisations; accounting, bookkeeping,
accounts and in employment surveys conducted auditing and tax services; business and
by Statistics South Africa (such as the Labour management consulting services; the South
Force Survey (LFS) the sector includes real African Revenue Service (SARS); the national
estate activities and an array of other business and provincial treasuries; and other activities
services such as labour brokerages, information auxiliary to financial intermediation, such as debt
technology services, legal services, and collection.
engineering and architectural services.
FINANCIAL DEVELOPMENT INVESTMENT
ACCOUNTING
ORGANISATIONS ENTITIES & TRUSTS
NATIONAL & PROVINCIAL AUDITING & TAX
TREASURIES SERVICES
Fasset
SECTOR
STOCKBROKING & FINANCIAL BUSINESS & MANAGEMENT
MARKETS CONSULTING
DEBT COLLECTION BOOKKEEPING SARS
9
SCARCE SKILLS
Scarce skills refers to a shortage of people with categories are experiencing above-average
the required attributes to fill positions available in growth, the shortages are often related to very
the labour market. The attributes that employers special skills sought by employers. The lack of
are seeking when they try to fill positions in qualified black people, especially in the higher
their organisations are specifically important. level occupations and professional designations,
These may be qualifications, specific skills and is considered a serious problem.
experience, a specific race or gender, or a
combination of these attributes. The Sector Skills Plan of Fasset, 2016 - 2021
indicates that shortages of finance and
Scarce skills are normally expressed in terms of accounting services skills exist at all levels –
the occupations for which there are not enough clerical, technical, administrative, professional,
candidates available. Scarce skills in the financial and managerial.
services sector are mainly in the professional
and technician and associated professional The table below shows scarce and critical skills in
occupations. Although these occupational the financial and accounting services sector:
RANK FASSET GROUP NAME OCCUPATION NAME
Accountant (General)
External Auditor
Finance Manager
Tax Professional
Accountant in Practice
1 Accountants and Auditors
Accounting Technician
Management Accountant
Financial Accountant
Tax Technician
Payroll Manager
Programmer Analyst
ICT Systems Analyst
Database Designer and Administrator
Developer Programmer
2 ICT Professionals
ICT Project Manager
Software Developer
Programme or Project Manager
Systems Administrator
10Fasset C A R E E R G U I D E
RANK FASSET GROUP NAME OCCUPATION NAME
ICT Sales Representative
ICT Security Specialist
Multimedia Designer
Applications Programmer
2 ICT Professionals (continued)
Computer Networks and Systems Engineer
ICT Trainer
Information Technology Manager
Computer Network Technician
Organisation and Methods Analyst
3 Management Consultants Management Consultant
Policy Analyst
Financial Investment Advisor
Investment Manager
Investment Analyst
Investment Advisor
4 Financial Markets Professionals Securities Dealer
Financial Markets Practitioner
Compliance Officer
Financial Markets Business Manager
Commodities Trader
Accounts Clerk and Payroll Clerk
Bookkeeping, Accounting
5 Bookkeeper
Technicians and Clerks
Credit/Loans Officer
Internal Audit Manager
Internal Auditors and
6 Internal Auditor
Risk Managers
Organisational Risk Manager
Actuary
7 Actuaries and Statisticians
Statistician
8 Debt Collectors Debt Collector
Marketing Practitioner
Customer Service Manager
9 Marketing Professionals
Sales and Marketing Manager
Director of Marketing
10 Economists Economist
11FINANCIAL MANAGER/CHIEF FINANCIAL OFFICER
What does a person in this occupation do?
Financial managers are responsible for managing and controlling the financial matters of a
company. In large organisations they oversee the functions of financial employees appointed
to take care of specific aspects of the financial division, but in smaller companies financial
managers are responsible for performing most or all of these tasks themselves.
Study path Professional bodies
Most financial managers start their careers as Professional body membership or registration is
accountants, financial accountants or auditors, not a general prerequisite to becoming a financial
and only become financial managers after years manager. However, certain employers may
of experience. An accounting qualification may be require their financial managers to be members
augmented by a management qualification such of professional bodies, for example, some of
as a Master’s degree in Business Administration the large companies appoint only Chartered
(MBA). Accountants (i.e. members of the South African
Institute of Chartered Accountants - SAICA) as
financial managers.
12Fasset C A R E E R G U I D E
EXTERNAL AUDITOR
What does a person in this occupation do?
An external auditor is an independent professional who conducts external audits of companies.
An external auditor expresses an opinion on the fair presentation of the companies’ financial
statements.
In expressing the opinion, an auditor would typically audit the accounting systems, procedures
and financial statements of a company and would evaluate the way in which the company
manages corporate funding and financial risk. An auditor would also ensure that a company
complies with all the legal requirements of its business and that tax payments are correct and in
line with tax legislation and requirements.
Professional designations On completion of the above the candidate will
enter into the IRBA’s experiential learning period,
Registered Auditor (RA)
which is called the Audit Development Programme
(ADP). The ADP is a minimum of 18 months’ work
Study path
experience undertaken by a qualified professional
To become an auditor you must follow the accountant in the area of audit and assurance.
recognised study path of a professional body The ADP develops candidate RAs for the role of
accredited by the Independent Regulatory engagement partner at entry level to the profession.
Board for Auditors (IRBA), currently only SAICA On successful completion of the ADP, the candidate
is accredited. To qualify you must successfully will be eligible to register as an RA.
complete the following programmes:
Regulatory bodies
• A BCom and Honours in Accounting
(e.g. Certificate in the Theory of Accounting Auditors must be registered with the IRBA.
accredited by SAICA)
• A recognised core assessment programme
(e.g. SAICA’s Part 1: Initial Test of
Competence)
• A recognised professional development and
assessment programme (e.g. SAICA’s three-
year training contract, professional programme
and Part 2: Assessment of Professional
Competence)
13ACCOUNTANT
What does a person in this occupation do?
An accountant is a qualified professional who applies accounting, mathematical and analytical
skills to solve business, taxation, financial and management problems. Accountants use their
numerical, analytical, statistical and management skills to maintain reliable accounting and
financial systems, and to advise businesses on a variety of financial matters. They are involved
in all critical business areas such as accounting, strategic business planning, marketing,
information technology and financial management.
Study path Professional bodies
Requirements for all undergraduate programmes Professional body membership is not a legal
in accounting are set by each of the different requirement to practice as an accountant.
universities or private training institutions. As a However, the professional designations listed
rule, aspirant students require a National Senior below are linked to membership of the various
Certificate with matriculation exemption and professional bodies. Some employers may also
English and mathematics. Accounting at Grade 12 require professional body membership.
level is recommended.
ACCOUNTANT (NO PROFESSIONAL DESIGNATION)
Accountants plan and provide systems and services relating to the financial dealings of organisations
and individuals, and advise on associated record-keeping and compliance requirements.
Study path
B degree in Accounting at any South African university or university of technology. National diploma in
accounting from any South African university of technology.
14Fasset C A R E E R G U I D E
ACCOUNTANT (continued)
CHARTERED ACCOUNTANT
What does a person in this occupation do?
Chartered accountants work with, analyse, and translate the financial aspects of a wide range of
organisations, large and small. They are able to manage budgets, track and manage the financial
performance of a company, audit, read and sign off on a company’s financial statements,
make sound tax decisions, understand world economics, and how business works. Chartered
accountants also create reports that update the organisation on its financial standing.
Study path which a trainee accountant enters into with a
registered training office.
Undergraduate: BCom Accounting degree at a
university accredited by SAICA. Professional examinations
Postgraduate: Certificate in the Theory of The final two steps to becoming a CA(SA) are
Accounting (CTA) or honours qualifications at a passing two Qualifying Examinations, namely the
university accredited by SAICA. Initial Test of Competence (ITC) and the Assessment
of Professional Competence (APC). Both of these
Workplace experience
exams are set and administered by SAICA.
The second part of your path towards becoming a
Professional bodies
Chartered Accountant (CA) in South Africa entails
completing a three-year learnership programme. South African Institute for Chartered Accountants
This is known as a training contract, and one (SAICA)
CHARTERED CERTIFIED ACCOUNTANT
Chartered Certified Accountants work in all fields of business and finance, in public practice, the
private sector, and in government.
Study path Workplace experience
The Association of Chartered Certified Accountants Learners must complete a three-year learnership
(ACCA) offers the Certified Diploma: Accounting with an accredited workplace.
and Finance.
Professional examinations
Theoretical training Professional examinations are set by ACCA. All the
prescribed subjects have to be passed.
Theoretical training can be done through an
accredited training institution or through distance Professional bodies
education. Association of Chartered Certified Accountants
(ACCA).
15ACCOUNTANT (continued)
MANAGEMENT ACCOUNTANT
What does a person in this occupation do?
Management accountants are trusted to guide critical business decisions and drive strong
business performance. They combine financial expertise and business acumen to achieve
sustainable business success. They understand how the different parts of the business need to
come together. A management accountant usually works at providing advice to the management
of a company or individual clients on how to interpret financial information to help them make
wise financial decisions that will affect the company. The company or individual may have
financial goals they want to achieve and therefore need the assistance of a person trained in this
branch of accounting. It is a broad field in which there are several different job titles.
Professional designation Professional qualification
Chartered Global Management Accountant Qualifying examinations through CIMA.
(CGMA).
Work Experience
Study path
Three years’ relevant work experience in an
A National Senior Certificate with matriculation appropriate organisation.
exemption is required to enter an undergraduate
programme. Mathematics and English are Professional bodies
compulsory subjects while accounting, economics
Professional body membership is not compulsory
and business economics at Grade 12 level are
for a person to work as a management
recommended subjects. However, there are
accountant, but to use the CGMA (Chartered
different routes to professional status.
Global Management Accountant)
you must be a member of CIMA.
Undergraduate
• BCom (Management Accounting) or
BAcc degree (three years) and Hons BCom
(Management Accounting) (one year)
at a university or
• BTech degree in Management Accounting
at a University of Technology or
• Studying with the Chartered Institute of
Management Accountants (CIMA) through
a tuition provider or self-study.
16Fasset C A R E E R G U I D E
ACCOUNTANT (continued)
PROFESSIONAL ACCOUNTANT (SA)
For over 35 years, the South African Institute of Professional Accountants (SAIPA) has been the
leading institute for professional accountants. SAIPA is only one of two professional bodies in
South Africa registered with IFAC, and is also a member of PAFA (Pan African Federation of
Accountants).
SAIPA’s NQF Level 8 designation – Professional Accountant (SA) – means that you can perform
a wide range of accounting and tax related services and can be the business advisor to SMEs
(Small/Medium Enterprises), offering tailored advice on business challenges and creating
opportunities for business success for their clients. Professional Accountants (SA) work in
practice, the public sector, corporate and industry, and in academia. SAIPA has a recently-
launched Student Membership option which offers great benefits including linking you with
potential employers to start your three-year learnership.
Study path Professional examinations
A three-year undergraduate degree in accounting Once you have completed your three-year
is required – either a BCom or equivalent – from a learnership, you will be required to write the SAIPA
South African Institute of Professional Accountants Professional Evaluation (PE). The PE is written twice
(SAIPA)-accredited university. a year in May or November.
On being found competent in the PE, you may
Core subjects should include
apply for SAIPA membership and the designation
• Financial Accounting 3 of Professional Accountant (SA).
• Taxation 2
• Auditing 1 or Internal Auditing Professional bodies
• Commercial Law 1
South African Institute of Professional Accountants
• Management Accounting 3
(SAIPA).
To view the list of SAIPA-accredited universities, SAIPA also offers a number of other professional
visit: www.saipa.co.za/student/saipa-accredited- designations. For more information, visit
universities www.saipa.co.za
Workplace experience
Learners must complete a three-year learnership
with a SAIPA accredited workplace.
Click here to find the one closest to you:
www.saipa.co.za/lists-of-atcs
17TAX PRACTITIONERS AND PROFESSIONALS
What does a person in this occupation do?
Tax practitioners analyse, report and provide advice on taxation issues to organisations or
individuals, prepare taxation returns and reports, and handle disputes with taxation authorities.
Tax professionals can work in one of three main sectors: in SARS; in commerce or industry; or
in private practice. Tax professionals who work in private practice and render tax services for
clients for a fee have to register with SARS as Tax Practitioners.
Study path Technician to Occupational Certificate Tax
Professional.
A minimum of a National Senior Certificate with
matriculation exemption is required for entry into The third option is to obtain a relevant qualification
this study path. There are many pathways one can at NQF Level 6 or higher in accounting, taxation
follow to become a Tax Professional. All pathways or law, and then apply for the Learnership:
leading to the occupation Accountant in Practice Tax Professional Level 8 which forms part of
will also enable you to work as a Tax Professional. the Occupational Certificate Tax Professional
Qualification (NQF8) and enables you to
In addition, you can follow the learning pathways
become a member of SAIT with the designation
leading to the designations conferred by the South
Tax Advisor (SA) for all industries. Completion of
African Institute of Tax Practitioners (SAIT). The
this learnership also enables you to become a
first is a Bachelor of Tax degree. The second is to
member of SAIT with the designation General Tax
obtain a Bachelor of Accounting degree (or any
Practitioner (SA) if you work in private practice,
other relevant degree such as a law degree or a
or General Tax Professional (SA) if you work in
degree in management accounting), followed by
commerce and industry or for SARS.
a postgraduate qualification in taxation. In both
instances, after three years’ of work experience in
Professional bodies
tax you can become a member of SAIT with the
designation General Tax Practitioner (SA) if you Registration with SARS as a Tax Practitioner is
work in private practice, or General Tax Advisor dependent on being a member of a recognised
(SA) (for all industries). professional body. These include accounting
professional bodies such as SAICA or SAIPA or
Another articulation pathway is to register for
ACCA. They also include membership of SAIT
the Tax Technician learnership which forms part
or the Law Society of South Africa (LSSA).
of the Occupational Certificate Tax Technician
Qualification (NQF6). This enables you to become Tax Professionals have to register with
a member of SAIT with the designation. SARS and the South African Institute of Tax
Professionals (SAIT).
Tax Technician (SA). There is also an articulation
pathway from Occupational Certificate Tax
18Fasset C A R E E R G U I D E
ACCOUNTING TECHNICIAN
AT(SA) is a competency-based accountancy qualification and membership designation offered
by the South African Institute of Chartered Accountants (SAICA), the foremost accountancy
institute in South Africa. The qualification promotes the theory and practice of accountancy
and offers prospects of a solid foundation in accounting, finance and business practice. AT(SA)
qualifications were designed against global standards and are quality assured by SAICA to
ensure relevance in the South African workplace. AT(SA) is accessible to aspirant accountants
who operate at foundational business levels.
Study path
final accounts, understand the principles of cash
Certificate: Accounting Technician
management and costing and be in a position to
This entry level accounting technician qualification provide cost and revenue information. It is assumed
allows students access into the profession that the learners accessing this qualification are
without any previous knowledge of accounting. competent in language, literacy, communication
Students are introduced to the basic principles of and mathematical literacy at NQF Level 4.
accounting, costing, general workplace skills and
computerised accounting. Graduates are able to Certificate: Accounting
fulfil support roles in all sectors of the
The Certificate in Accounting aims to provide
economy in a number of roles, including accounts
students with the knowledge, skills and
clerk, accounts assistant, tax assistant and junior
competencies to work effectively as an accounting
bookkeeper. This qualification is open access. It is,
technician. This qualification focuses on the more
however, assumed that the learners accessing this
complex accounting functions. Students who
qualification are competent in language, literacy,
successfully complete this qualifications are able
communication and mathematical literacy at NQF
to confidently draft financial statements, manage
Level 3. Training providers may conduct an initial
budgets and evaluate financial performance.
assessment to determine at which level of the 3
It is assumed that learners accessing this
suite qualification the student should begin.
qualification have completed the NQF Level
4 AT qualification or other suitable equivalent
FET Certificate: Accounting Technician
qualifications, and are competent in language,
The FET Certificate in Accounting aims to provide literacy, communication and mathematical literacy
students with the knowledge, skills and at NQF Level 4.
competencies to work effectively as an accounting
technician. Students who successfully complete this Professional bodies
qualifications will be able to confidently prepare
SAICA – Accounting Technician South Africa
19INSTITUTE OF ACCOUNTING & COMMERCE (IAC)
ACCOUNTING OFFICER
The IAC Accounting Officer provides a number of accountancy related services to companies,
close corporations, partnerships, sole proprietors, trusts and various other types of small business
and non-corporate undertakings. The IAC Accounting Officer must have acquired knowledge
of and demonstrated competence in areas such as financial accounting, internal and external
auditing, taxation, company law, management accounting and practice management.
Some of the IAC Accounting Officer’s key duties Study path/Professional qualification
and responsibilities are to:
You are eligible to apply for membership as an
• Prepare and sign off financial statements for IAC Accounting Officer:
close corporations and companies that have PIS
scores below 100 or are owner managed. If you have completed an IAC Diploma in
Accounting, Cost and Management Accounting
• Do an independent compilation or review of and Company Secretaries, OR
annual financial statements for companies and If you have completed an Accounting qualification
incorporates with PIS scores below 100. with a minimum SAQA rated NQF Level 6 (pre
Financial statements for companies and CCs 2009) and NQF Level 7 (post 2009).
need to comply with IFRS.
The qualification must contain the following core
• Prepare and sign off financial statements for subjects:
NPOs and PBOs (as long as the organisation’s
constitution and PIS score allows it). • Financial Accounting 3
• Taxation in SA Legislation
• Prepare and sign off financial statements for
Trusts (if the trust deed allows it). • Company Law in SA Legislation
• Prepare and sign off financial statements for a • Auditing 1 or Internal Auditing 2
sole proprietor, partnership and money lenders.
• Be allowed to accept the audits of schools, but
this needs to be understood in terms of the
School’s Act 84 of 1996 as well as the
requirements of the Schools Act in the various
Provinces.
20Fasset C A R E E R G U I D E
Work experience
To have gained a MINIMUM of three years’
supervised training (per IAC logbook), under the
guidance of a registered Accounting Officer, OR
to have gained a MINIMUM of six years relevant,
practical accounting experience at a management
or supervisory level.
The application must be supported by an affidavit,
stamped and signed by a Commissioner of Oaths,
verifying the applicant’s practical experience, as
well as a comprehensive job description.
Entrance Assessment/Evaluation
Once the academic and practical component has
been met, an applicant would need to undergo
a three-hour written evaluation followed by a two-
hour oral evaluation, conducted by a registered
IAC assessor, covering the following:
• Accounting
• Auditing
• Company Law
• Taxation
• Practice Management
The pass marks for the assessment evaluation are:
• Accounting 80%
• All other subjects 75%.
21MANAGEMENT CONSULTANT
What does a person in this occupation do?
Management consultants help organisations solve issues, create value, maximise growth and
improve business performance. They use their business skills to provide objective advice and
expertise, and help an organisation to develop any specialist skills that it may lack.
They focus primarily on the strategy, structure, management and operations of a company,
identify options for the organisation, suggest recommendations for change, and advise on
additional resources to implement solutions.
Types of work may include: Typical duties may include:
• Business strategy • Carrying out research and data collection
to understand the organisation
• E-business
• Financial and management controls • Conducting analysis
• Human resources • Interviewing the client's employees,
• Information technology management team and other stakeholders
• Marketing • Running focus groups and facilitating
• Supply-chain management workshops
• Preparing business proposals and
Study path
presentations
Management consultancy is open to graduates • Identifying issues and forming hypotheses
from any degree discipline (business, economics, and solutions
engineering, finance, mathematics and science),
and a degree that is numerical or analytical can • Presenting findings and recommendations to
be an advantage. clients
• Implementing recommendations/solutions
A degree relevant to the industry of interest is an
and ensuring the client receives the necessary
advantage, e.g. accounting or banking.
assistance to carry it all out
A postgraduate degree is not essential, but it can • Managing projects and programmes;
be useful. A Masters in Business Administration
(MBA) or PhD, for example, will allow you to enter • Leading and managing team members,
the profession at a higher level. including analysts.
22Fasset C A R E E R G U I D E
Work experience
Employers often value experience and skills as
much as qualifications and so it is useful to gain
relevant work experience before you enter the
profession.
Professional designation
Certified Management Consultant (CMC).
Professional bodies
Institute of Management Consultants and Master
Coaches of South Africa (IMCSA).
23FINANCIAL MARKETS PROFESSIONALS
What does a person in this occupation do?
Financial Markets Professionals include traders, who invest in securities and various other
financial products on behalf of institutional, corporate and private clients, as well as
administrative staff such as settlement officers who are responsible for the finalisation of
financial markets transactions.
The financial markets consist of the equities market, the bonds market, the money market, the
foreign exchange market and the derivatives market.
Financial markets professionals need to stay abreast of information on securities and market
conditions and therefore they must continuously analyse individual securities, industries and the
economy. They also work with clients, and before providing investment advice, they identify
the profile and the related investment needs of the clients.
They execute transactions in securities with or on behalf of clients and subsequently conclude
or settle transactions and record the transactions in the relevant systems.
Types of work may include: Diploma in Financial Markets. The workplace
component of the learnership has to be completed
• Trader at an approved workplace. After completion of
• Settlement Officer these components, a final exam set by the
South African Institute of Stockbrokers (SAIS)
• Corporate Action Administrator
must be written.
• Investment Administrator
After completion of the Financial Markets
Study path Practitioner qualification, candidates can write any
of a number of exams prescribed by the various
Entry into the pathway for these occupations starts exchanges and focus on a specific function such
with an NQF Level 6 qualification in the financial as trading, settlement or compliance. In order to
field. This is followed by a learnership that obtain the designation ‘Stockbroker’ the stockbroker
leads to the Occupational Certificate: Financial exams set by SAIS have to be passed.
Markets Practitioner. The learnership consists of a
knowledge component (including practical skills) Professional body
and a workplace component. The knowledge
and practical skills components are offered at South African Institute of Stockbrokers (SAIS).
accredited tertiary institutions as an Advanced
24Fasset C A R E E R G U I D E
FINANCIAL PLANNER
What does a person in this occupation do?
A financial planner provides expertise and advice to clients on all the components of financial
planning including personal savings, personal and family insurance cover, health insurance,
investments, asset and wealth management, retirement and estate planning, and tax liability.
Study path Postgraduate: Postgraduate Diploma in Financial
Planning and Advanced Diploma in Financial
Entry: National Senior Certificate with matriculation
Planning.
exemption. Each undergraduate programme has
its own entry requirements, but subjects such as Professional bodies
mathematics and English are often required.
Financial advisors are required to apply for
Undergraduate: An undergraduate programme in
registration as financial services providers with the
accounting, finance, economics, business science,
Financial Sector Conduct Authority (FSCA) formerly
mathematics or law provides a sound basis from
known as Financial Services Board (FSB).
which to pursue a career in financial planning.
Various universities offer a BCom degree in They may also become members of the Financial
Financial Planning or in Investment Management. Planning Institute of Southern Africa (FPI).
25FINANCIAL AND INVESTMENT ADVISOR
What does a person in this occupation do?
A financial and investment advisor gives advice to clients about investing in securities such
as stocks, bonds, mutual funds or exchange traded funds. Some investment advisors manage
portfolios of securities. They may also be referred to as investment counsels, or investment, asset,
wealth, money or portfolio managers.
Investment advisors serve individuals, trusts, families and groups of families, and corporations,
private pension plans, public pension plans, education institutions, endowments, foundations,
mutual funds, hedge funds, investment partnerships and other pooled accounts, banking
institutions and governments.
An investment advisor uses a number of different investment styles and strategies, such as growth
or value. Some specialise in investments in stocks/equities or in bonds/fixed income, while
others manage portfolios that consist of investments in stocks, bonds, and cash.
Some advisors shape investment portfolios for each client. Others use one or more centrally
managed portfolio that reflect a specific investment strategy, style or model. Clients sometimes
retain several advisors with different investment strategies and styles to diversify their portfolios.
Study path after completing their university degree. These
licences are issued by the Financial Sector
Working in financial advising in South Africa
Conduct Authority (FSCA) formerly known as
requires a tertiary qualification in commerce,
Financial Services Board (FSB) and prospective
finance, accounting or economics. A postgraduate
financial advisers must pass their board exams and
degree is offered to earn the designation ‘certified
be certificated by the FSCA.
financial planner’ (CFP). CFP is the premier
financial planning qualification in the world and is
Professional designation
recognised in 19 countries.
Certified financial planner (CFP).
In terms of the Financial Advisory and Intermediary
Services (FAIS) Act, a financial service provider
Professional bodies
(FSP) licence is required, for which graduates apply
Financial Services Board. They may also join the
Financial Planning Institute of Southern Africa (FPI).
26Fasset C A R E E R G U I D E
BOOKKEEPER
What does a person in this occupation do?
Bookkeepers compute, classify, and verify numerical data in order to develop and maintain financial
records. In smaller organisations, bookkeepers handle all aspects of financial transactions. They
record debits and credits, compare current and past balance sheets, summarise details of separate
ledgers and prepare reports for supervisors and managers. They may also prepare bank deposits
and send cash, cheques and other forms of payment to the bank. The increased use of computers
has allowed the use of specialised accounting software on personal computers.
Professional designations Institute for Certified Bookkeepers (ICB)
professional qualifications:
Associate Bookkeeper (Certificate)
Fellow bookkeeper (Diploma) Certificate for Registered Bookkeeper (NQF 4)
National Diploma: Technical Financial Accounting
Study path (NQF 5).
A person may become a bookkeeper with a These two qualifications are registered as
National Senior Certificate with mathematics and learnerships.
accounting as subjects. Various private institutions
offer certificate and diploma courses in accounting Professional bodies
and bookkeeping.
Professional body membership or registration is not
a requirement to work as a bookkeeper. You may
want to become a member of the ICB.
FINANCIAL CLERK
What does a person in this occupation do?
Financial clerks are responsible for providing financial, administrative and clerical services
in order to ensure effective, efficient and accurate financial and administrative operations.
Financial clerks receive deposits and pay out money in financial institutions, process credit,
loan and insurance applications, maintain records of securities transactions and registrations,
compile data and undertake statistical and actuarial computations.
Study path
Entry: National Senior Certificate
Many organisations provide in-house training in financial administration. Various private institutions offer
certificate and diploma courses in the field.
27INTERNAL AUDITOR
What does a person in this occupation do?
Internal auditing is an independent, objective assurance and consulting activity designed to add
value and improve an organisation’s operations. Internal auditors provide objective assurance
to executive management in order to add value to organisational strategy and to assist with
meeting organisational objectives. Internal auditing is a fundamental pillar of governance within
organisations, ensuring sufficient oversight in terms of risks and internal controls. Internal auditors
often have input into strategic planning, market analysis, compliance and change management.
Study path
of Prior Learning (RPL) will be given to individuals
• B degree in Accounting or Internal Auditing
who have an NQF Level 7 or higher qualification,
at any university or university of technology or
at least four years of internal auditing experience,
• BTech degree in Internal Auditing at any
and are currently working in an internal audit role.
university of technology.
Certificate: General Internal Auditing
Professional qualifications
This is the next step in the career path. The
Diploma: Technician – Internal Auditing
Certificate: General Internal Auditing is a
This is an entry-level occupational qualification supervisory level occupational qualification,
registered on the National Qualifications completed over one year. Individuals who
Framework (NQF) at NQF Level 7. This complete this qualification are able to perform
qualification is completed over a two-year period. internal audit activities at a supervisory level. After
Individuals who complete this qualification are able successfully completing the Certificate: General
to perform entry level audit tasks, executive audit Internal Auditing, members of the IIA SA will have
programmes, prepare work papers and draft audit the professional designation, Professional Internal
findings and reports. After successfully completing Auditor (PIA) conferred on them. Consideration for
the Diploma: Technical – Internal Auditing, RPL will be given to individuals who have obtained
members of the Institute of Internal Auditors the Diploma: Technician – Internal Auditing and
South Africa (IIA SA) will have the professional IAT designation, have at least five years of internal
designation, Internal Audit Technician (IAT) auditing experience and are currently working in
conferred on them. Consideration for Recognition an internal audit role.
28Fasset C A R E E R G U I D E
Additional designations
Certified Internal Auditor (CIA) auditing experience, as well as individuals who
have seven years of verifiable internal audit (or
The CIA is the premier international certification for
equivalent) experience.
internal auditors around the world. Applications
for the CIA examination are accepted from
Professional bodies
individuals who are members of the IIA SA
who have a relevant NQF Level 7 qualification Professional body registration or membership is not
and at least two years of internal auditing (or a prerequisite to practice as an internal auditor.
equivalent) experience. Consideration for RPL is However, in order to retain and use the IAT, PIA
given to individuals with a recognised two-year and CIA designations you must be a member of the
qualification and five years of verifiable internal Institute of Internal Auditors of South Africa (IIA SA).
COMPANY SECRETARY
What does a person in this occupation do?
Company secretaries plan, administer and review corporate governance activities and effective
practice concerning company board meetings and shareholdings, ensuring all business matters
and transactions are managed and implemented as directed by the board. They have a
significant role in assisting the board of the organisation to achieve its vision and strategy. There
is a shortage of qualified and experienced company secretaries, with demand on the increase
in light of the new Companies Act (71/2008) and King IV.
Study path and accounting officers for the intense demands
of the role of chartered secretary. Once a student
The Chartered Secretaries Southern Africa (CIS passes all the exams they can apply to be a
or CSSA) professional qualification is a course graduate (Grad ICSA) and then an Associate
in a chosen specialised field, whether it be a (ACIS) and finally a Fellow (FCIS). Continuing
company secretary, accountant, accounting officer, Professional Development ensures that all
administrator or manager. Chartered secretaries governance professionals and accounting officers
embark on a lifelong career relationship with are able to remain at the forefront of governance
CSSA. issues.
The final course of study is the CSSA International
Professional bodies
Qualifying Board Examinations. The CSSA
International Qualifying Scheme is a rigorous Professional body registration or membership
course. Each qualification along the continuum are not prerequisites to practice as a company
renders the graduate employable and when secretary, however graduates can register with the
accumulated, prepares governance professionals CSSA.
29DEBT COLLECTOR
What does a person in this occupation do?
Debt collectors collect payments for overdue accounts, overdue instalments or damage claims on
behalf of creditors. They locate and notify customers of delinquent accounts by mail, telephone,
or personal visits to solicit payment. Duties include preparing statements to the credit department
if a customer fails to respond, initiating repossession proceedings or service disconnection, and
keeping records of collection and status of accounts.
Study path Professional bodies
Entry: Senior Certificate Registration with the Council for Debt Collectors
A person can also enter into a learnership in debt is a prerequisite for working as a debt collector.
collection with a firm that is accredited by Fasset. However, there are no academic requirements for
this registration.
30Fasset C A R E E R G U I D E
ECONOMIST
What does a person in this occupation do?
An economist is an expert in the study of the production, distribution and application of resources.
He provides clients with support, advice and information about global and domestic economic
prospects. This includes the identification of threats and opportunities in the business environment
and economy. Sometimes an economist would also monitor, report on and, where possible,
influence developments and government policy in his or her particular field of involvement.
Economists may be employed in a range of fields BSc (Agriculture) and BSc (Animal Science) have
in both the private and public sectors. A macro agricultural economics and economics as major
economist will concentrate on the economy as subjects.
a whole and could be employed by financial
Postgraduate study is recommended for promotion
institutions such as banks or life assurance
and to qualify for research, administrative positions
companies, in the manufacturing or retail trade
and permanent teaching positions in universities and
sectors, or at the South African Reserve Bank
universities of technology.
(SARB) and government departments. Forecasting
of economic and demand/supply conditions within
Qualifications
sectors or enterprises is widely used to optimally
employ resources and assist in budgeting, planning Available Bachelor degrees include:
and strategic processes. An economist’s input may
be used to improve the investment performance of • Bachelor of Economics and Informatics
institutional or private client portfolios.
• Bachelor of Business Science
SARB, a major employer of economists, offers
• Bachelor of Economics, Risk and Investment
an accelerated management programme and
Management;
deploys economists in research, administrative,
and management functions, where they learn to • Bachelor of Economics and International Trade
collect and process important economic data into a
• Bachelor of Economics and Risk Management
meaningful format.
• Bachelor of Philosophy, Politics and Economics
Study path
• Bachelor of Social Sciences, majoring in
To become an economist requires a Bachelor Economics
degree, which is available to those with matric
maths, but not maths literacy. Economics, business • Bachelor of Commerce, with majors in
science and accounting are also relevant. Economics or Econometrics
Some universities offer a BA degree with economics • Bachelor of Economic Sciences
as a major subject. Specialised courses such as
31TVET WORK BASED EXPERIENCE (WBE) PROGRAMME The Department of Higher Education and Training identified the need to capacitate public TVET Colleges, to become the preferred providers of relevant occupational skills in South Africa. This need was identified to, in part; address the high unemployment rate within the 16-34 age group. Fasset has implemented a project aimed at facilitating and funding workplace-based experience for graduates from public TVET Colleges. This project is aimed at learners who have successfully completed their N6 certificate in business studies and who are eligible to achieve the National N Diploma at NQF Level 6, upon completion of 18 months’ relevant work experience. Learners should have specialised in one of the following areas: • Financial Management • Business Management • Marketing Management • HR Management, and • Management Assistant Please visit our career portal on www.fassetcareers.co.za, register and create your CV to enable employers to access your CV. You are required to include a cover page and upload your N6 certificate or transcript. 32
Fasset C A R E E R G U I D E
BE YOURSELF
EVERYONE
ELSE IS TAKEN
Since completing the Fasset-funded TVET Work-based
Experience (WBE) programme, Onke Mkizwana has
been himself, but better. So much so that he has been
appointed as Risk Administrator at KPMG where
analysing, identifying, describing and estimating risks
affecting or having the potential to affect the business are
all part of his business day.
This is only the beginning: Onke’s ten-year dream is to be
an influential entrepreneur who creates opportunities and
changes lives.
“Life is not about measuring yourself against others,
because we all have different starting points,” he says.
“It is measuring yourself against the only person standing
where you are right now, and that is you.”
Onke Mkizwana
Turn your potential into skills, choose a career in
finance and accounting.
VISIT
WWW.FASSETLEGACY.CO.ZA Believ
e in yo
urself
TO READ ONKE’S STORY
https://www.facebook.com/fasset.orgYou can also read
